The Nigerian Stock Exchange (NGSE) announced that it has reviewed its Equities Market Structure, which shall become effective on Monday, July 2, 2018. The new Market Structure will create a level playing field for all market participants and enable investors deploy broader trading strategies, enjoy best execution and benefit from enhanced market depth.

Moody's Investors Service has assigned first-time long term global scale local-currency bank deposit and issuer ratings of B2 to First City Monument Bank Limited (NGSE:FCMB) and Fidelity Bank Plc (NGSE:FIDELITYBK), and long term B3 global scale local-currency bank deposit and issuer ratings to Diamond Bank Plc (NGSE:DIAMONDBNK). The three mid-tier Nigerian banks account for approximately 12% of the country's banking assets. Moody's also assigned local currency bank deposit national scale ratings (NSRs) of A2.ng to FCMB and Fidelity and A3.ng to Diamond. A full list of the banks' ratings is at the end of this press release.

Atlas Mara Limited, the sub-Sahara African financial services group, today announced that it has agreed to acquire an additional 280,956,166 shares of Union Bank of Nigeria Plc (NGSE:UBN), approximately a 1.0% shareholding in UBN, following which its combined direct and indirect shareholding in UBN will increase to 49.0% from 48.0%.  The Company will issue 2,360,032 ordinary shares as consideration for the UBN shares acquired.

The Nigerian Stock Exchange (NSE) has sanctioned more companies for failing to meet the deadline for the submission of their audited report and accounts for last year.